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Le dollar et l’euro : la primauté monétaire de l’Europe a-t-elle une place?

Listed author(s):
  • Uctum, Merih

    (Brooklyn College)

  • Deusy-Fournier, Pierre

    (Commission européenne)

This study examines whether the move toward a single European currency leading to internationalization of major European currencies has challenged the dollar's supremacy since the 1980s. We find that the decline of the international role of the dollar, which started right after the collapse of the Bretton Woods system, is continuing. This decline is visible in private uses of the dollar, although the US currency still dominates the other currencies in official uses. If a single European currency is adopted, the evidence suggests that the euro will likely become a major competitor to the dollar as an international currency. L’objet de cette étude est de déterminer si la suprématie du dollar a été remise en question depuis 1980, date à laquelle ont débuté les démarches pour la création d’une monnaie européenne unique devant mener à l’internationalisation des principales monnaies européennes. Nous avons constaté que le déclin du rôle international du dollar, qui s’était amorcé juste après l’effondrement du système de Bretton Woods, se poursuit. Ce déclin est visible au niveau des utilisations privées du dollar, bien que la monnaie américaine continue à dominer les autres lorsqu’il s’agit des utilisations officielles. Si une monnaie européenne unique est adoptée, les résultats empiriques laissent penser qu’elle pourrait fortement concurrencer le dollar à titre de monnaie internationale.

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Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

Volume (Year): 74 (1998)
Issue (Month): 4 (décembre)
Pages: 669-694

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Handle: RePEc:ris:actuec:v:74:y:1998:i:4:p:669-694
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